Byron Allen Makes $30 Billion Offer For All of Paramount Global
Byron Allen, who made headlines last year with his unsolicited bid to buy key assets from Walt Disney, is at it again with a $30 billion offer to acquire Paramount Global, Allen Media Group confirmed to sources. Allen, whose Allen Media Group owns The Weather Channel, LocalNow, and more than two dozen local affiliate channels, is offering $28.58 for each voting share of Paramount, more than a 50% of its Tuesday closing price of $13.68, according to Bloomberg, which first reported on the news. The deal also includes an offer of $21.53 for non-voting shares. The offer to buy the outstanding shares equates to $14.3 billion, it said. Despite its size and breadth of assets, Allen Media Group had largely operated quietly, ironic given Allen’s roots in comedy and show business. But the spotlight shone on the company after Allen made a $10 billion unsolicited bid for the ABC network, affiliates and cable channels like FX last summer, an offer Disney ultimately turned down. Allen al